Ethereum surged above the $1,700 level in Thursday’s trading session as the long-awaited “Ethereum Merge” date was finally confirmed. A blog post by the Ethereum Foundation stated that the event will begin on September 6 and will be completed between September 10 and 20. On the other hand, Bitcoin continues to rise marginally as it continues to approach $22,000.
Bitcoin Technical Analysis
Although things were quite complicated on the Bitcoin (BTC) side, a recovery was recorded on Thursday and the price rose. BTC, which has risen to the level of $ 21,789, seems to have surpassed an important resistance level. The mentioned resistance level was located at $21,600 and has mostly remained stable despite several attempts to break out this week.
Earlier gains eased a bit as the bulls appeared to have chosen to secure profits rather than protect previous positions at the time of writing.
BTC/USD is currently trading at $21,662, which is higher than the previous session but $100 below the daily high. Today’s rally was recorded despite the 10-day (red) moving average continuing to trend downward.
Ethereum Technical Analysis
Ethereum Today, it once again managed to rise above the $1700 level and attracted attention. The ETH/USD pair rallied as high as $1,712 in today’s session as markets reacted to the latest Ethereum Merge news.
In a blog post published late Wednesday, the Ethereum Foundation stated, “After years of hard work, Ethereum’s proof-of-stake upgrade is finally happening! Successful upgrade of all public testnets is now complete and Consolidation is scheduled for Ethereum mainnet”. The transition will begin on September 6 and end between September 10-20.
As a result of the announcement, Ethereum broke past the resistance level at $1,705 while the relative strength index (RSI) also climbed. The RSI has crossed its ceiling at 49.50 and is hovering at 50.85 at the time of writing, its strongest level since August 18.
If today’s rally continues, traders will likely aim for an exit near the $1,800 level.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.